Microsoft Corp., positioning itself for a new run for Yahoo Inc.’s search business, has approached other media companies in recent days about joining it in a deal that would effectively lead to Yahoo’s breakup, say people familiar with the discussions.

Microsoft has held discussions with Time Warner Inc. and News Corp., among others, say people involved in the talks. In the past, Microsoft has floated an arrangement under which it would acquire Yahoo’s search business and another partner, such as News Corp.’s MySpace or Time Warner’s AOL, would combine forces with what remained of Yahoo.

This effort does not seem to have been too successful as yet since Microsoft is said to have canceled a meeting with Yahoo Chairman Roy Bostock presumably because they had not yet found a buddy. The takeaway, however, is that Steve Ballmer apparently just won’t give up on a Yahoo search deal. When will the shareholders do themselves a favor and stage an intervention?